SOL’s 30% open interest drop brings it back to $68 in focus.
Solana (SOL) futures fell sharply in May as traders reduced exposure across all exchanges. SOL open interest (OI) fell to $1.90 on Thursday from $2.75 billion on May 11, a 30% decline, as the fund's volume remained close to neutral. SOL retesting the yearly low of $68 indicates weakening investor sentiment.
SOL spot demand eliminates future market weakness
The consolidated funding ratio for Solana futures is held near -0.005, indicating a balanced position between longs and shorts. SOL traders have not built aggressive directional bets despite the recent price slide to $80.
SOL rate, total open interest and funding rate. Source: velo chart
At the same time, Cumulative Futures Cumulative Delta (CVD) for stable coin-margin orders fell to an annual low of -$13 billion. The CVD tracks whether buyers or sellers are more active over time. The decline indicates strong sell-side pressure in futures markets through May.
BTC Price, Merged Spot and CVD Futures. Source: Coin analysis
However, space activity paints a stable picture. Spot CVD has improved to $350 million since March, indicating that buyers continue to hold supply on the spot exchange as derivatives positions weaken.
The positive flows into spot SOL exchange-traded funds (ETFs). Added tend to that. Monthly net inflows reached $113 million in May, marking the strongest monthly total for SOL ETFs in 2026.
The separation between futures selling and fixed spot inventory often indicates appetite for underestimation rather than panic selling. This indicates that leveraged traders reduce risk exposure, while position buyers gradually maintain positions.
Spot SOL ETF net flows. Source: SoSoValue
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SOL reiterated the price floor of the three-month range of $80
From a technical perspective, SOL continues to trade in a wide range between $80 and $95. The post-Solana region was down 42% during Q1. The price has returned to the lower boundary after another rejection near the resistance level on Wednesday.
SOL/USD, one day chart. Source: Cointelegraph/TradingView
A move below $80 would focus on a low of $68 per year. Fluid temperature maps show More than $800 million in long-term leverage sits near that zone, making it an important pocket of liquidity if low pressure builds.
Crypto Trader Cold Blood Shiller It is described SOL is one of the weaker large cap charts in the market. In a post on X, the trader said that SOL has reached a downward trend since October and does not have strong support below the current price level of $80.
So does crypto analyst Zoe It is sitting A bid of nearly $67, the lowest of the year and closely aligned with the largest set of interest liquids identified on the open spaces heat map.
SOL liquid map. Source: CoinGlass
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